Due to selloffs in the shares of major and mid-capitalized listed firms that are traded on the local market, the equities section of the Nigerian Exchange (NGX) lost around N164 billion.
According to MarketForces Africa, traders reduced portfolio holdings during the recently ended experience a bear riot as the momentum of the third quarter reporting season slowed down.
Key performance metrics have fallen dramatically, according to statistics from the Nigerian stock exchange, amid poor investor sentiment toward company shares. The domestic stock exchange’s All-Share Index dropped by 0.7% last week to close at 43,968.75 points. Year-to-date return moderated to 2.9% from 3.6% while market capitalisation shed ₦163.6 billion to close at ₦23.9 trillion on Friday.
The overall traded volume fell by 21.9% to 1.10 billion units throughout the week, according to NGX, indicating a fluctuation in trading activity levels. The overall weekly traded value increased by 7.30% to N11.71 billion in the meanwhile, and the total number of deals exchanged for the week plummeted by 17.07% to 15,697 deals from 18,928 deals the week before.
The most actively traded stock was ACCESSCORP, with 218.6 million units, followed by 179.1 million shares of STERLNBANK and 67.8 million shares of TRANSCORP.
Once more, ACCESSCORP dominated the market in terms of share value moved, printing at 1.7 billion, while investors also exchanged shares of GEREGU and Zenith Bank for 1.2 billion and 1.1 billion respectively. Afrinvest stated in a market report that the performance was bearish across sectors within its coverage as only 1 of 6 indices gained.
Due to declines in PRESTIGE, NEM, GUINNESS, and FLOURMILL, the Insurance and Consumer Goods indexes led laggards, falling 2.2% and 1.9% week over week, respectively.
Trading data reveals that PRESTIGE lost 15.2% of its market value, NEM fell by 7.5%, GUINNESS fell by 10%, and FLOURMILL fell by 9.9%.
The price fall in MTNN, AIRTELAF, and OANDO caused the AFR-ICT and Oil & Gas indexes to decline by 1.1% and 0.7%, respectively, week over week. OANDO lost 5.6%, AIRTELAF down by 0.4%, and MTNN’s stock price fell by 2%.
Similarly, price depreciation in DANGCEM (-0.8%) dragged the Industrial Goods index lower by 0.3% week on week, according to Afrinvest stock market report. READ: NASD Shrinks N20bn as Market Priced Down Shares
On the other hand, stockbrokers observed that UNITYBNK saw a 35.7% share price increase and UBA experienced a 2.9% price increase, both of which helped to drive the Banking index up 0.1% week over week.
Stockbrokers said that investor confidence, as indicated by market breadth, improved to -0.11x from -0.24x the previous week as 25 stocks increased, 35 decreased, and 92 were unchanged.
The top-performing stocks for the week were UNITYBNK (+35.7%), ROYALEX (+22.2%), and ETRANZACT (+9.4%), while the top-performing underperformers were PRESTIGE (-15.2%), LEARNAFR (-10.7%), and GUINNESS (-10.0%). As investors lose N164 billion, the stock market’s return declines.
